Financial literacy is the education and understanding of various financial areas including topics relating to personal finance, investing, and money borrowing. It gives you the ability to make sound financial choices so you can manage and grow money. "Capacity to go with SMART FINANCIAL Choices which result in DESIRED FINANCIAL OUTCOMES"
RIGHT FINANCIAL DECISIONS IN PERSONAL FINANCE
Educational institutions center just around academic and expert preparation. They don't show cash and funds.The main manageable abundance is monetary schooling and preparing. An asset in the balance sheet will produce income which is recorded in the income statement while a liability in the balance sheet will create an expense which is again recorded on the income statement.
WHAT IS FINANCIAL EDUCATION
Financial education is one of the most important skills to learn in today's world however it is not a subject that is most talked about in schools. Financial education is not about being a genius in school and obtaining high marks; however, it is about making the right decisions about your personal finance. schools only focus on professional training and do not teach about money and finances, there is a reason why many engineers, doctors, nurses, accountants, and many more professionals struggle in their financial life. They know how to make money, they even make more money but they do not know how to manage their money. Sometimes in life, they lose all the money they earned. Schools and colleges teach how to become good employees but your financial education is left to the parents. The financially genius and rich parents will teach their children how to save, invest, and manage their money at a young age. If parents do not teach their children at a young age how to manage their money, the poor will get poor and the rich will get richer.
WHY IS FINANCIAL EDUCATION IMPORTANT?
Financial education helps you understand your money.
Financial education helps end the Debt cycle.
Inequality in the world.
Financial education helps you plan for the future.
Increasing life expectancy.
Financial education helps you to gain control.
Financial education is the ability to understand how money works in this world. It is the art of investing in and managing money in an ability to make sound financial decisions.Most people make the wrong financial decisions as a result, they lose all the money they have saved for years.
To understand this
Let us take an example of a bureau of statistics. did you that nearly half of Americans are not expected to retire comfortably. Credit card debts have reached their highest point ever. more than 189 million Americans have credit cards. The average credit card holder has at least 4 cards, on average each credit card carries $8.398 in credit debt. The total US consumer debt is $13.86 trillion. 40% of Americans can't afford $400 in emergency expenses. These statistics clearly show how important financial education is. Most people's money is real wealth, but that is not the case. Money comes and go, the real wealth is only and only financial education. If you go to work sometime in your life, you lose all your money.
HOW TO IMPROVE YOUR FINANCIAL LITERACY?
Firstly we should know about Asset and Liabilities
Asset
In financial accounting, a resource is any asset possessed or constrained by a business or a financial substance. Anything can be utilized to create positive monetary worth. Resources address the worth of ownership that can be changed over into cash.
Liabilities
In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events.
BENEFITS OF JOINING FINOMINAL EDUCATION FOR FINANCIAL EDUCATION
The Financial Program, controlled by the Finominal Education Institute, offers an alumni-level educational plan and assessment program intended to extend your functioning information and down-to-earth abilities connected with investment decision-making This FINANCIAL EXAMS Training courses with an excellent opportunity to equip exceptionally well for the FINANCIAL EXAMS and pass the exam in your first attempt. for more information call or WhatsApp us on 9650353883.
Finominal Education is a perfect launchpad to gain financial expertise. Our well-versed faculties provide the aspirants with a healthy and competitive environment and strive to impart knowledge to gain performance results.
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